Business News

PNG to seek international ideas over SOE’s performance

Public Enterprise and StateInvestment Minister Ben Micah says negotiations have already begun betweenthe Singaporean Government and its investment company, Temasek Holdings.

Minister Micah is confidentthe Singapore Government and its investment company, Temasek holdings, have a lot to offer in terms of advice surroundingthe functions of state owned enterprises.

He revealed this atthe Handover Takeover ceremony of PNG Ports’ Beard of Directors in Port Moresby last week.

Temasek Holdings is Singapore’s most successful state owned investment company with an asset value of about US$180 billion that’s over K377.9 billion.

The performance of SOEs has been poor overthe years andthe government plans to addressthese drawing ideas fromthe success stories of ther public corporations overseas.

Addressingthe outgoing and incoming board of directors oPNG Ports Corporation, Minister Micah said like any ther public enterprisethe challenges are great in this time of rapid economic growth. While thankingthe outgoing board members, he saidthe challenge is onthe incoming board to ensure port services are efficient.

Outgoing Chairman Vai Reva acknowledgedthe Minister’s push to beef up SOE performance and said he was thankful to have been part ofthe corporation’s effort towards positive change.

PNG Ports CEO, Stanley Alphonse said changes inthe macro and micro levels includingthe resource sector have fuelled broad based economic growth; amidst changes in legislation and institutional realignment inthe maritime industry.

Despitethe challenges, Alphonse saidthe company has been able to make inroads in terms of strategically realigning its operations. An integral part of this process isthe deployment of modern technology and information management systems in Lae and Port Moresby throughthe use of Rubber Tyred Gantries and Mobile Harbour Cranes.

Festus Maiginap, National EMTV News

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